Certified Regulatory Compliance Manager (CRCM) — Question 229

An individual comes into the bank and makes a $6,000 cash deposit into a checking account. At the same time, the individual buys a $7,000 cashier's check with cash. According to the Bank Secrecy Act, what is the bank is required to do?

Answer options

• A. File a SAR for $13,000
• B. File a CTR for the $6,000 cash deposit
• C. Aggregate the transactions and retain information about the purchase of the cashier's check
• D. Obtain the recordkeeping information for the purchase of the cashier's check and complete a CTR for the total cash-in transaction of $13,000

Correct answer: D

Explanation

The correct answer is D because the Bank Secrecy Act requires the bank to aggregate cash transactions that exceed $10,000 and file a Currency Transaction Report (CTR). Options A and B are incorrect as they do not meet the requirements for reporting the total amount, and option C doesn't fulfill the obligation to file a CTR.